About MBK Homes

MBK HOMES RECEIVES #1 RANKING IN 'OVERALL HOMEBUYER SATISFACTION' FROM ELIANT FOR SECOND MONTH IN A ROW

IRVINE, CALIF. (April 20, 2005). MBK Homes, one of the fastest growing home builders in the nation, has been ranked #1 in "Overall Homebuyer Satisfaction" for both the Southern California region and for all regions nationwide by Eliant, the largest independent consumer research firm in the building industry. This is the second month in a row that MBK Homes has achieved this elite distinction for a period covering the previous six months. In its most recent builder ranking report for the Move-In Survey, Eliant also rated MBK Homes #1 in sales and lending staff quality, #1 in construction staff, #1 in workmanship, and #1 in home readiness for Southern California and the nation. MBK Homes was also rated #1 for its customer service personnel for the second month in a row, a hallmark quality that the homebuilder prides itself in.

Eliant, which specializes in monitoring and evaluating the homebuyer's experience for builders nationwide, assigns its rankings based on a survey sent to the homebuyers of 175 major builders across the country. The buyers evaluate the builders in 10 categories, including quality of the sales and design center process, trade contractors, home readiness, orientation walk-through, loan and closing process, construction process, customer service and installation/workmanship. Overall, MBK Homes received an extremely high score of 96.9 percent, far superior to the 84.6 percent average of all builders across the nation.

Buyers are also asked to define the builders' quality of service based on the following set of questions, for which MBK received a perfect score (A+) on the entire set from more than half of its survey participants:

- How satisfied are you with overall quality of MBK Homes?
- Did MBK Homes meet its commitments to you?
- All things considered, would you be willing to recommend a friend or associate to MBK Homes?

In fact, MBK Homes received A's and A+'s across the entire report card.

"It is incredibly gratifying to be ranked as the number one builder in not only Southern California, one of the most competitive markets in the country, but also in the entire nation," said Tim Kane, president of MBK Homes. "It is our mission to provide the highest level of customer satisfaction at all our new home neighborhoods, and to achieve that, we have put together an extremely talented and experienced team with each member committed to furthering that objective. This ranking, both on a regional and national level, is a testament to that team, and the systems and procedures they have put in place to ensure that we are competitive with the largest builders in the industry."

"Obtaining the highest rating against major national big builders is an extraordinary accomplishment for MBK Homes," said Robert Mirman, President of Eliant. "In the 20 years I have been producing this survey, no other builder has secured A's and A+'s across the scoring board. To attain a number one ranking, there needs to be a consistency of performance in all departments, which MBK exhibits by a total commitment and dedication to their customers from the top executives of the company on down to all department staff members. MBK has achieved this remarkable level of customer loyalty because it is a proactive service company with a dedicated team of professionals who act consistently with their mission."

In addition to earning an outstanding reputation among the home buying public, MBK Homes has established itself as a leader in the building industry, and has built a significant presence in all of Southern California's major home markets. That includes building neighborhoods alongside the nation's largest builders within some of the region's most prestigious master planned communities, including Ladera Ranch in Orange County and Tesoro del Valle in Santa Clarita Valley.

Company Background
MBK Homes is active in the development of new for-sale housing communities, comprised of both attached and detached housing product, catering primarily to first-time and first and second move-up homebuyers throughout Southern California. Through its "Better ways and Greater means," MBK Homes delivers quality housing that is innovative in design, comfort and craftsmanship, all at an excellent value. With more than a decade of experience constructing homes in Southern California, MBK prides itself on its ability to meet the needs of today's most discriminating homebuyers. Currently, MBK Homes is building residential neighborhoods in Los Angeles, Orange, Riverside and San Bernardino counties, and is aggressively pursuing additional land acquisitions throughout the Southland. For more information, please contact MBK Homes at (888) 943-HOME, or visit its Web site at www.mbkhomes.com.

MBK Real Estate Ltd. and its four wholly owned subsidiaries, comprise the U.S. real estate development arm of Mitsui & Co., Ltd., one of the world's largest corporations. The company's core business activities include the acquisition, redevelopment and development of retail/entertainment properties, the development and sale of for sale housing and the development, acquisition and management of senior living properties.